Comerica Bank reduced its stake in shares of CIT Group Inc. (NYSE:CIT) by 63.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,953 shares of the financial services provider’s stock after selling 43,265 shares during the quarter. Comerica Bank’s holdings in CIT Group were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of CIT. BlackRock Inc. lifted its holdings in shares of CIT Group by 2.9% in the second quarter. BlackRock Inc. now owns 7,146,945 shares of the financial services provider’s stock valued at $360,277,000 after purchasing an additional 202,373 shares in the last quarter. LSV Asset Management lifted its holdings in shares of CIT Group by 1.4% in the second quarter. LSV Asset Management now owns 3,758,592 shares of the financial services provider’s stock valued at $189,470,000 after purchasing an additional 52,385 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of CIT Group by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,589,768 shares of the financial services provider’s stock valued at $130,542,000 after purchasing an additional 375,365 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of CIT Group by 4.1% in the second quarter. Wells Fargo & Company MN now owns 2,050,254 shares of the financial services provider’s stock valued at $103,353,000 after purchasing an additional 80,350 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of CIT Group by 326.7% in the second quarter. Millennium Management LLC now owns 1,379,478 shares of the financial services provider’s stock valued at $69,539,000 after purchasing an additional 1,056,190 shares in the last quarter.
Shares of CIT opened at $44.28 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.45. The company has a market cap of $4.73 billion, a P/E ratio of 14.42, a PEG ratio of 1.12 and a beta of 1.29. CIT Group Inc. has a 1 year low of $43.48 and a 1 year high of $56.14.
CIT Group (NYSE:CIT) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.01. The business had revenue of $476.00 million for the quarter, compared to the consensus estimate of $475.48 million. CIT Group had a net margin of 8.00% and a return on equity of 7.58%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 earnings per share. On average, equities analysts predict that CIT Group Inc. will post 3.99 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 27th. Investors of record on Tuesday, November 13th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, November 9th. CIT Group’s payout ratio is 32.57%.
Several brokerages have issued reports on CIT. Stephens downgraded shares of CIT Group from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a report on Monday, August 27th. BMO Capital Markets upped their price target on shares of CIT Group from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Thursday, October 25th. Morgan Stanley reduced their price target on shares of CIT Group from $58.00 to $57.50 and set an “equal weight” rating on the stock in a report on Tuesday, September 18th. TheStreet downgraded shares of CIT Group from a “b” rating to a “c” rating in a report on Thursday, November 15th. Finally, ValuEngine downgraded shares of CIT Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $54.29.
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CIT Group Company Profile
CIT Group Inc operates as the bank holding company for CIT Bank, National Association that provides banking and related services to commercial and individual customers. The company operates through three segments: Commercial Banking, Consumer Banking, and Non-Strategic Portfolios (NSP). The Commercial Banking segment offers lending, leasing, and other financial and advisory services primarily to small and middle-market companies; factoring, receivables management products, and secured supply chain financing; and equipment leasing and secured financing to railroads and non-rail companies.
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